Oil & Gas News 74 results

The New Face of the US Oil Industry: Thinking Lean

The US oil sector is a vital industry for industrial manufacturers all over the country. Components on oil rigs and exploratory drilling operations wear out quickly, a booming oil industry could mean a big payday for businesses manufacturing their products. However, recently the oil industry in the US and abroad has faced a turbulent market as prices dropped to record lows in 2015. As the ...

Dakota Access Pipeline Nearing Completion

After months of delays, oil could soon be flowing through the $3.8 billion Dakota Access Pipeline. Expected to be completed in less than two weeks according to court documents filed by the developer. Energy Transfer Partners just finished drilling under Lake Oahe and are nearly ready to begin laying pipe under the Missouri River reservoir. “Dakota Access estimates and targets that the ...

OPEC Continues To Cut Production: Impact on Industrial Manufacturing

To the dismay of many, OPEC has been keeping pace and beating expectations when it comes to their production cut. The Organization of Petroleum Exporting Countries agreed in November to begin curbing production and scale back output by 1.2 million b/d. Latest data from The International Energy Agency (IEA) showed OPEC crude production fell by 1 million b/d to a total of 32.06m b/d in January. ...

New Bills Plan to Increase Oil Transportation Safety

With more oil expected to pass through Washington state, lawmakers are taking steps to increase rules and regulations on oil transportation. Laws are also being drafted to increase funds for oil spill prevention and response efforts. Bills taking aim at preventing spills are being crafted by the House and Senate, targeting the individual methods of transporting oil such as boats, pipelines and ...

U.S. Oil Rig Count On The Rise: Manufacturers Hopeful For The Future

Oil futures moved higher on Monday (1/30/2017) and it had a major impact on the market here in the United States. Producers are pushing to profit off the rallying oil prices to make up for the dramatic drop in price we saw in February of 2016. Last week, data showed a sharp rise in U.S. output as oil rigs continue to become active all over the country. Following the 29 rig gain a week earlier, ...

United States Shale Producers Breathe a Sigh of Relief

After a turbulent two years for the oil market, it seems as though U.S. shale is back on the rise. Oil producers in the United States are finally able to breathe a sigh of relief as the market begins to stabilize and prices inch higher. The Organization of the Petroleum Exporting Countries has implemented production cuts across the 13 nation oil cartel. This leaves the United States in a unique ...

OPEC Continues to Cut Production

OPEC’s Impression The world may see even larger oil production cuts as we move forward into 2017. OPEC (Organization of Petroleum Exporting Countries) has already dramatically reduced production in compliance with their initial production cut agreement. However, further production cuts may be on the horizon for both OPEC members and non-member nations. OPEC’s Secretary General, Mohammad ...

Oil Prices Rise and Manufacturing Set To Gain

Oil prices continue to climb, reaching levels not seen since mid-2015. Both WTI, the US benchmark and Brent, the international benchmark for crude have experienced a week of continued gains. WTI is currently trading at $52.60 and Brend is hovering around $55.56 as of 1/9/17, 10:13am ET. This is a welcomed rally for the oil market that was facing tremendous pressures in 2016. The Organization ...

Renewable Energy Competing with Fossil Fuels

Renewable energy has come so far over the past few years. The World Economic Forum (WEF) now estimates solar and wind are the same price or even cheaper than fossil fuels in 30 countries. The WEF has even predicted that by 2018, solar and wind energy will be cheaper in most countries. “Even though the renewables proposition has always had environmental appeal, technology has historically ...

Arctic Ocean Drilling Off Limits

The Arctic ocean may be forever off limits to offshore oil drilling. President Obama announced on Tuesday that he is calling for a permanent ban on offshore oil and gas drilling along large areas of the Arctic and the Atlantic Seaboard. Invoking an obscure provision from a 1953 law, the Outer Continental Shelf Lands Act, Obama is confident that it gives him the authority to act unilaterally. ...